Ministry Of Commerce: China EU Investment Agreement Covers More Fields Than Traditional Bilateral Investment Agreements

China News Agency, Beijing, December 31 (reporter Li Xiaoyu) China EU investment agreement negotiation was announced to be completed on the 30th. Li Yongzhen, director general of the Department of treaty and law of the Ministry of Commerce of China, said at a briefing held that night that the agreement covers areas far beyond traditional bilateral investment agreements, and enterprises from China, the European Union and countries around the world can reap more investment opportunities.

On December 30, China EU investment agreement negotiations were announced to be completed. Li Yongzhen (right), director general of the Department of treaty and law of the Ministry of Commerce of the people's Republic of China (right), said at a briefing held on the same night that the areas covered by the agreement far exceeded the traditional bilateral investment agreements, and enterprises from China, the European Union and other countries in the world could reap more investment opportunities. Photo by Fukuda, a reporter from China News Agency

Li Yongchuan said that the results of the negotiations covered market access commitments, fair competition rules, sustainable development and dispute settlement. Both sides have made high-level and reciprocal market access commitments, and all the rules are applicable in both directions.

She revealed that in terms of market access, the agreement adopted the mode of pre access national treatment plus negative list. For the first time, China has made a commitment in the form of negative list in all industries, including service industry and non service industry, so as to realize the comprehensive docking with the management system of negative foreign investment list established by the foreign investment law. The European side also promised China a higher level of market access in the agreement.

In view of the market access restrictions that do not discriminate against foreign investment but have a significant impact on the establishment and operation of enterprises, the two sides also promised not to impose restrictions on the number of enterprises, production, turnover, directors and senior management, local R & D, export performance and headquarters setting in most economic fields, and to allow foreign exchange transfer related to investment and entry and residence of personnel.

On December 30, China EU investment agreement negotiations were announced to be completed. Li Yongzhen, director general of the Department of treaty and law of the Ministry of Commerce of China, said at a briefing held that night that the agreement covers areas far beyond traditional bilateral investment agreements, and enterprises from China, the European Union and countries around the world can reap more investment opportunities. Photo by Fukuda, a reporter from China News Agency

She said that China has included independent opening-up measures in the financial and other fields in the Sino EU negotiations, and has orderly expanded the opening up of some service and manufacturing industries to the outside world in accordance with its own needs. The goal is to achieve high-quality "Introduction" through further opening-up and build a new economic system with a higher level of openness.

In terms of fair competition rules, the two sides have reached consensus on issues closely related to enterprise operation, such as state-owned enterprises, subsidy transparency, technology transfer, standard formulation, administrative law enforcement and financial supervision, based on the establishment of a legal business environment.

On the next arrangement, Li Yongchuan said that the two sides will carry out text review, translation and other work as soon as possible, and strive to promote the early signing of the agreement. Thereafter, the agreement will enter into force after the parties have completed their respective internal ratification procedures. (end)